Thesis: Stakeholder's value Goal of this thesis is to evaluate stakeholder's theory, as one of the ways of corporate governance. Shareholder model and stakeholder model dominate in corporate governance currently. At its core are two models considered competing. The method of corporate governance is largely influenced by the historical development of the legal and economic relationships in a particular nation. Therefore, before solving the very essence of stakeholder's theory, brief historical excursion into both model sis necessary. Work is divided into six chapters, first chapter is preceded by a short introduction and after sixth chapter follows the conclusion. The first chapter outlines the corporate governance as a field that is overarching stakeholder's theory. The second chapter presents the shareholder theory including its history. At the same time I try to focus on those aspects of the shareholder theory, which are in direct contrast to the stakeholder's theory. In the third chapter I describe the stakeholder's theory, including the historical context of the development of this model. In the fourth chapter I focus on a problem that accompanies stakeholder's theory: Is the purpose of the corporation to create value for its shareholders or for its stakeholders? First, though, I focus on what...

Magister Commercii - MCom / This literature study aims to identify international best practice concerning the role of the board and more particularly that of the independent director in ensuring good corporate governance. The study is based on sources which include a large contingent of up to date sources on the subject ranging from newspaper articles, journal articles, various corporate governance codes, company reports and reports on governance such as Cadbury and Higgs. / South Africa

Organizational researchers have recently taken an interest in the ways in which social movements, non-governmental organizations (NGOs), and other secondary stakeholders attempt to influence corporate behavior. Scholars, however, have yet to carefully probe the link between secondary stakeholder legal action and target firm stock market performance. This is puzzling given the sharp rise in NGO-initiated civil lawsuits against corporations in recent years for alleged overseas human rights abuses and environmental misconduct. Furthermore, few studies have considered how such lawsuits impact a target firm’s intangible assets, namely its image and reputation. Structured in the form of three essays, this dissertation examined the antecedents and consequences of secondary stakeholder legal activism in both conceptual and empirical settings. Essay One argued that conventional approaches to understanding political risk fail to account for the reputational risks to multinational enterprises (MNEs) posed by transnational networks of human rights NGOs employing litigation-based strategies. It offered a new framework for understanding this emerging challenge to multinational corporate activity. Essay Two empirically tested the relationship between the filing of human rights-related civil lawsuits and corporate stock market performance using an event study methodology and regression analysis. The statistical analysis performed showed that target firms experience a significant decline in share price upon filing and that both industry and nature of the lawsuit are significantly and negatively related to shareholder wealth. Essay Three drew upon social movement and social identity theories to develop and test a set of hypotheses on how secondary stakeholder groups select their targets for human rights-related civil lawsuits. The results of a logistic regression model offered support for the proposition that MNE targets are chosen based on both interest and identity factors. The results of these essays suggest that legal action initiated by secondary stakeholder groups is a new and salient threat to multinational business and that firms doing business in countries with weak political institutions should factor this into corporate planning and take steps to mitigate their exposure to such risks.

Idén att företag liksom andra slags organisationer har intressenter, vars krav måste tillgodoses, har numera blivit allmänt accepterad inom organisationsteori och företagsekonomi. Det innebär att the stakeholder theory, på svenska intressentmodellen, är ett centralt tema i litteratur och handböcker inom företagsekonomi och affärsetik. Emellertid ges orden intressent, intressentmodell och intressentteori olika innebörd även om samma termer nyttjas. Förklaringar ges med olika argument och stöd som emellanåt kan vara motsägelsefulla samtidigt som modellens varianter med sina respektive konsekvenser inte alltid tydliggörs. I denna studie fokuserar jag på den normativa kärnan i en tidig version av stakeholder theory formulerad av Donaldson och Preston (1995) och diskuterar hur den i en alternativ version kommit att få en annan innebörd. Transformationen kan förklaras med att en av de grundläggande utgångspunkterna, rationalitet, ges olika innebörd. Syftet med studien är inte bara att undersöka huruvida utan även att argumentera för och visa att en senare version av intressentmodellen, som tar sin grund i en formell eller instrumentell rationalitet, har kommit att dominera över den - av kantiansk etik inspirerade - tidigare versionen som utgår från en expressiv rationalitet. Detta syfte uppnås genom att undersöka förekomsten av en etisk dimension i ett antal svenska börsnoterade företags miljöredovisningar. Som ett komplement har även analyserats i vilken utsträckning urvalets årsredovisningar innehåller den för teorin centrala termen intressent och vilken innebörd företagen ger denna term.

Family firms are replete with problems concerning family and business issues but they remain the most dominant form of business worldwide. Decisions about strategy, structure, and goals of the firm play an integral part in the distinction of family firms from nonamily firms (Chrisman, Chua & Sharma, 2005) and these decisions are further complicated in the family firm by the interaction of the family and business systems (Stafford, Duncan, Danes & Winter, 1999). Sharma (2000) and Chrisman and colleagues (2005) call for research of this interaction through the utilization of stakeholder theory because family firms involve a specific array of stakeholders with different stakes and different levels of salience. This dissertation further investigates the interaction of the family and the business in a new and interesting way. This will be the first attempt to investigate the way stakeholders and their salience affects the goals and performance of family firms. The dissertation developed below focuses on the differences that exist among the salience of stakeholders in the family firm. I first develop theory-based hypotheses on a variety of relationships within the family and family firm that will contribute to a better understanding of the behavior of family firms. Second, I describe the research methodology and sample design to be utilized to test the developed hypotheses. I expect my results to not only empirically validate my research questions but to also provide practical and useful information for future research in this area. The aim of this study is to contribute to knowledge by empirically testing a framework for stakeholder salience in the family firm as well as assessing how the salience of particular groups affect the performance of family firms.

This dissertation includes three essays about nonprofit organizations. The first essay investigates how the availability of financial and intellectual capital in the macro-environment influences the formation of nonprofit organizations. The analysis is an extension of Weisbrod's (1975) Heterogeneity Hypothesis and Ben-Ner and van Hoomissen's (1991) "social cohesion" principle. Findings indicate financial capital and intellectual capital are important to the formation of nonprofits, but the strength and direction of their influence varies by industry. The second essay applies Stakeholder Theory to predict the influence of board members, donors, and beneficiaries on nonprofits' performance. The study incorporates 134 charities from six different industries over a five year period and finds nonprofit performance is driven by the interests of the most salient stakeholders. Furthermore, the analysis indicates nonprofit stakeholders have the ability to control the behaviors of managers; behaviors which are not necessarily aligned with mission statements. No evidence, however, suggests salient stakeholders with shared interests collaborate for mutual benefit. Stakeholder Theory is also used in the third essay to predict the moderating role stakeholders fulfill in the relationship between environmental uncertainty and nonprofits' strategic decisions. The study incorporates the same database as the second essay and discovers the influence of environmental uncertainty on nonprofits' strategic decision depends on the ability of salient stakeholders to diversify their interests. The identified effect encourages Stakeholder Theory applications adopt a dual-perspective approach to the concept of salience; such applications need to account for the salience of the stakeholder to the organization and the salience of the organization to the stakeholder. / Business Administration/Strategic Management

Yes / This study aimed to investigate the relationships between blockchain adoption barriers and identified the salient stakeholders for blockchain adoption in containerized international trade. The interpretative structural modelling and Cross-Impact Matrix Multiplication Applied to Classification analyses indicated that the most impactful among the eight barriers are lack of support from influential stakeholders, lack of understanding regarding blockchain, and lack of government regulations. The stakeholder mapping analysis demonstrated that the high salient stakeholders among 11 legitimate stakeholders are container lines, ports, beneficial cargo owners, freight forwarders/third party logistics, and customs authorities. The study is original and contributes to theory and practice as it uncovers both impactful barriers and critical stakeholders by adopting a stakeholder theory perspective and offers significant implications to practice, policy, and theory by combining these two analyses.

Every actor of the society has its own expectations about the companies. Shareholders are interested in the maximization of the profitability, managers are interested in sustainability, and partners are interested in fulfilment of the business ethics. And the company with well-structured CSR policy should be able to meet expectations of all stakeholders. This can cost large part of the company's resources. It can potentially impact on company’s profitability whether positively or negatively. Using the quantitative research method we tried to explore the impact of CSR policy on the short-term profitability. Our research question is composed as:What is the relationship between CSR and short-term profitability?The main purpose of this study is to analyze and present positive or negative links between CSR policy and corporate financial performance (CFP) using different profitability indicators. We analyzed impact of weighted average CSR score and environmental rank on the short-term profitability.The theoretical framework of the thesis consists of different theories, such as stakeholder theory, shareholder theory, agency theory, legitimacy theory and etc.The research conducted in accordance with the functionalist research paradigm, the objectivist ontological and positivist epistemic research philosophies using the deductive approach. Our result indicates that there negative relationship between CSR performance and short-term profitability. Also we found that CSR policy can negatively impact on return on assets. This in turn could have negative implications on shareholders and stakeholders. No positive correlation between CSR policy and profitability observed. All in all, the expenses on CSR policy have a negative impact on indicators of financial performance.

The following research examined the role of corporate social responsibility (CSR) and its influence on branding in the energy sector. This research took place at Hydro Ottawa because it is a power distribution and a power generation company, with a mixed private and public business model operating in a monopolistic context, which is a well-rounded example that can be transferred to other organizations and other sectors. This research followed a case study approach guided by Strauss and Corbin’s (1990, 1998) grounded theory. This study attempted to answer the following research question 1) Who are the main stakeholders at Hydro Ottawa and what type of influence do they have on the development of their CSR and branding strategies? 2) How is CSR enunciated and applied at Hydro Ottawa? 3) How does CSR shape the brand image of Hydro Ottawa? In order to explore the research questions, the data collected for this study consisted of interviews, organizational documents, as well as observation. Due to the time limitation for a master’s thesis, six participants were chosen for interviews, which were later transcribed, coded and analysed by the researcher. The findings indicated that building a CSR strategy based on a healthy organizational culture, stakeholder needs, and the triple bottom line (financial, social, environmental) led to CSR essentially becoming the brand. The brand can then be communicated and shaped from and inside-out (from the employees to the external stakeholders)/outside-in (from external stakeholders to inside the organization) approach. Based on a grounded theory analysis, the researcher created a step-by-step prescriptive model that could be used to advance corporate social responsibility into Hydro Ottawa’s brand as well as offer a critical perspective of the findings.

Seeberg, Fredrik & Zetterlund, Philip, 2017, Green energy, can it ever be wrong? - A qualitative study about how electricity supply companies uses CSR communications. (Grön el är aldrig fel? - En kvalitativ studie om hur elhandelsbolag i Sverige använder sig av CSR-Kommunikation) Environmental climate changes are a hot topic in the world today. Producing and delivering energy makes a big impact to that change and energy corporations are therefore inclined to use positive results and methods to claim a “Green” image. One common method to prove a corporation’s effort is Corporate Social Responsibility (CSR). This study compares the usage of CSR as a communication tool by two Swedish energy corporations of very different sizes, Mälarkraft, a local corporation with about 150,000 customers, and E.ON Sverige, Sweden’s second largest energy supplier with over a million customers. Our study shows, that despite the difference in sizes, that both corporations uses CSR to achieve the same notion, a more favourable reputation. Their means to achieve this however, is clearly different. By studying the corporations strategies with interviews and context analysis of internet web pages, we show that the difference in sizes and local connection help differentiate the strategies. Key Words: Communication, CSR, Energy Corporations, Communication Strategy, Stakeholder Theory, Corporate Social Responsibility, Greenwashing, Green hushing.